THE BANKRUPTCY ACT.
There are many anomalies in the bankruptcy laws of New Zealand that might, with advantage to the trading community, be removed. One of these is the requirement that an insolvent person shall deposit a sum of £6 with the Official Assignee, or hie deputy, before a declaration in bankruptcy can be made. In many cases' it happens that a person has assets in stock-in-trade, etc,, amounting to well
over £6. Why should it be necesrsory for a bankrupt to find £6 in cash in such circumstances? It only means that the estate is so much the poorer, and creditors are put to the expense of issuing judgment summonses when this might be avoided if, after an act of bankruptcy, a persdn could hand over his estate to the Assignee for administration without being required to find cash. This is only one of numerous anomalies that might be removed. The bankruptcy law as a whole is obsolete and cumbrous, and should be repaired with as little delay as is possible. The Chambers of Commerce have been tinkering with the subject for some years past, but they lxave not succeeded in inducing the Government to effect the muchneeded reform.
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Wairarapa Age, Volume XXV, Issue 10713, 19 September 1913, Page 4
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200THE BANKRUPTCY ACT. Wairarapa Age, Volume XXV, Issue 10713, 19 September 1913, Page 4
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